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1
PRINCIPLES OF GENERAL MANAGEMENT
Credit Units – 5
Introduction to General Management in Pharmacy
Logistics and Supply Chain Management of Medicines and other Health
Commodities
Small Scale Business Management
Human Resource Management
- Dispute Resolution (Inter and Intra professional collaboration)
- Mentoring in Pharmacy
Financial Management (e.g. Drug Revolving Fund Scheme, Cooperatives in
Pharmacy)
2
Scope/Learning Objectives
Management principles are statements of fundamental truth. These principles serve as
guidelines for decisions and actions of managers.
The resource persons are expected to discuss the principles that form the foundations
of successful management.
At the end of the learning session, participants should be able to:
(1) Discuss the fundamentals of Business Logistics and Supply Chain Management
of Medicines and other Health Commodities;
(2) Discuss the principles and application of Management in Pharmacy;
(3) Identify the various financing options/interventions in establishing and
sustaining pharmaceutical businesses;
(4) Understand Dispute Resolution Processes;
(5) Appreciate the importance of Mentoring in Pharmacy;
(6) Discuss Risk Assessment & Management;
3
MANAGEMENT AND PRINCIPLES OF GENERAL MANAGEMENT
Management is the art and science of planning, organizing, directing and
controlling human efforts and resources for the general good within the
organizational framework and economic environment of the company or
establishment.
It is the process of setting and achieving objectives by influencing human
behavior within a suitable environment. It is also defined as a process of reaching
organizational goals by working with and through people and other
organizational resources.
Overview of Management
Management is the art of engaging with an organization's human talent and using
the physical resources at a manager's disposal to accomplish desired goals and
objectives efficiently and effectively. Management comprises of planning,
organizing, staffing, leading, directing, and controlling an organization (a group of
one or more people or entities) or effort for the purpose of accomplishing a goal.
One of the most important duties for a manager is effectively using an
organization's resources. This duty involves deploying and manipulating human
resources (or human capital), as well as efficiently allocating the organization's
financial, technological, and natural resources.
Since organizations can be viewed as systems, management can also be defined
as human action, such as product design, that enables the system to produce
useful outcomes. This view suggests that we must manage ourselves as a
prerequisite to attempting to manage others.
4
Nature of Managerial Work
In the for-profit environment, management is tasked primarily with meeting the
needs of a range of stakeholders. This typically involves making a profit (for the
shareholders), creating valued products at reasonable cost (for customers), and
providing rewarding employment opportunities (for employees). Nonprofit
management has the added importance of attracting and retaining donors.
In most models of management/governance, shareholders vote for the board of
directors, and the board then hires senior management. Some organizations have
experimented with other methods (such as employee-voting models) of selecting
or reviewing managers, but this occurs only very rarely. In the public sector of
countries that are representative democracies, voters elect politicians to public
office. Such politicians hire managers and administrators.
Several historical shifts in management have occurred throughout the ages.
Towards the end of the 20th century, business management came to consist of
six separate branches, namely:
Human resource management
Operations management or production management
Strategic management
Marketing management
Financial management
Information technology management (responsible for the management
information systems)
5
Basic Functions
Management operates through various functions, such as:
Planning - Deciding what needs to happen in the future (today, next week,
next month, next year, over the next five years, etc.) and generating plans
for action.
Organizing - Implementing a pattern of relationships among workers and
making optimum use of the resources required to enable the successful
carrying out of plans.
Staffing - Job analysis, recruitment, and hiring of people with the
necessary skills for appropriate jobs. Providing or facilitating ongoing
training, if necessary, to keep skills current.
Leading/directing - Determining what needs to be done in a situation and
getting people to do it.
Controlling/monitoring - Checking current outcomes against forecast
plans and making adjustments when necessary so that goals are achieved.
Motivating - This is a basic function of management because without
motivation, employees may feel disconnected from their work and the
organization, which can lead to ineffective performance. If managers do
not motivate their employees, they may not feel their work is contributing
to the overall goals of the organization (which are usually set by top-level
management).
6
Defining Leadership
Over the years the philosophical terms "management" and "leadership" have
been used both as synonyms and with clearly differentiated meanings. Debate is
fairly common about whether the use of these terms should be restricted or
should generally reflect an awareness of the distinction made by Burns (1978)
between "transactional" leadership (characterized by emphasis on procedures,
contingent reward, management by exception) and "transformational" leadership
(characterized by charisma, personal relationships, creativity). Management is
often associated with the former and leadership with the latter.
Leaders who demonstrate persistence, tenacity, determination, and synergistic
communication skills will bring out the same qualities in their groups. Good
leaders use their own inner mentors to energize their team and organizations and
lead a team to achieve success.
Group Leadership
In contrast to individual leadership, some organizations have adopted group
leadership. In this situation, more than one person provides direction to the
group as a whole. Some organizations have taken this approach in the hope of
increasing creativity, reducing costs, or downsizing. Others may see the
traditional leadership of a boss as costing too much in team performance. In
some situations, the team members best able to handle any given phase of the
project become the temporary leaders. Additionally, staff experiences energy and
success when each team members have access to elevated levels of
empowerment.
7
Leadership Styles
A leadership style is a leader's approach towards providing direction,
implementing plans, and motivating people. It is the result of the philosophy,
personality, and experience of the leader. Rhetoric specialists have also
developed models for understanding leadership (Robert Hariman, Political Style;
Philippe-Joseph Salazar, L'Hyperpolitique. Technologies politiques De La
Domination).
Engaging Style of Leadership
Different styles of leadership can achieve the leading function.
Different situations call for different leadership styles. In an emergency, when
there is little time to reach an agreement and where a designated authority has
significantly more experience or expertise than the rest of the team, an autocratic
leadership style may be most effective. However, in a highly motivated and
aligned team, with a homogeneous level of expertise, a more democratic or
laissez-faire style may be more effective. The leadership style adopted should be
the one that most effectively achieves the objectives of the group while balancing
the interests of its individual members.
Positive Reinforcement
Anyone thinking about managing a team must consider positive reinforcement.
B.F. Skinner, the father of behavior modification, developed this concept. Positive
reinforcement occurs when a positive stimulus is presented in response to a
behavior, increasing the likelihood of that behavior in the future.
The following is an example of how positive reinforcement can be used in a
business setting. Assume praise is a positive reinforcement for a particular
8
employee. This employee does not show up for work on time every day. The
manager of this employee decides to praise the employee for showing up on time
when the employee actually does so. As a result, the employee comes to work on
time more often because the employee likes to be praised. In this example, praise
(the stimulus) is a positive reinforcement for this employee because the
employee arrives at work on time (the behavior) more frequently after being
praised for it.
The use of positive reinforcement is a successful and growing technique used by
leaders to motivate and attain desired behaviors from subordinates.
Organizations, such as Frito-Lay, 3M, Goodrich, Michigan Bell, and Emery Air
Freight, have all used reinforcement to increase productivity. Empirical research
covering the last 20 years suggests that reinforcement theory has a 17% increase
in performance. Additionally, many reinforcement techniques, such as the use of
praise, are inexpensive and provide higher performance and employee
satisfaction for lower costs.
Strategic Planning
Strategic planning is an organization's process of defining its strategy or direction
and making decisions about allocating its resources to pursue this strategy. To
determine the direction of the organization, it is necessary to understand its
current position and the possible avenues through which it can pursue a
particular course of action. Generally, strategic planning deals with at least one of
three key questions:
What do we do?
For whom do we do it?
9
How do we excel?
The key components of strategic planning include an understanding of the
organization’s vision, mission, values, and strategies. (Often a "vision statement"
and a "mission statement" may encapsulate the vision and mission).
Vision: This outlines what the organization wants to be or how it wants the world
in which it operates to be (an "idealized" view of the world). It is a long-term view
and concentrates on the future. It can be emotive and is a source of inspiration.
For example, a charity working with the poor might have a vision statement that
reads "A World without Poverty."
Mission: It defines the fundamental purpose of an organization or an enterprise,
succinctly describing why it exists and what it does to achieve its vision. For
example, the charity above might have a mission statement as "providing jobs for
the homeless and unemployed."
Values: These are beliefs that are shared among the stakeholders of an
organization. Values drive an organization's culture and priorities and provide a
framework in which decisions are made. For example, "knowledge and skills are
the keys to success," or "give a man bread and feed him for a day, but teach him
to farm and feed him for life." These example values place the priorities of self-
sufficiency over shelter.
Strategy: Strategy, narrowly defined, means "the art of the general"—a
combination of the ends (goals) for which the organization is striving and the
means (policies) by which it is seeking to get there. A strategy is sometimes called
a roadmap, which is the path chosen to move towards the end vision. The most
important part of implementing the strategy is ensuring the organization is going
in the right direction, which is towards the end vision.
10
Tools and Approaches
There are many approaches to strategic planning, but typically one of the
following is used:
Situation-Target-Proposal:
o Situation – Evaluate the current situation and how it came about.
o Target – Define goals and/or objectives (sometimes called ideal
state).
o Path/Proposal – Map a possible route to the goals/objectives.
Draw-See-Think-Plan:
o Draw – What is the ideal image or the desired end state?
o See – What is today's situation? What is the gap from ideal and
why?
o Think – What specific actions must be taken to close the gap
between today's situation and the ideal state?
o Plan – What resources are required to execute the activities?
Among the most useful tools for strategic planning is a SWOT analysis (Strengths,
Weaknesses, Opportunities, and Threats). The main objective of this tool is to
analyze internal strategic factors (strengths and weaknesses attributed to the
organization) and external factors beyond control of the organization (such as
opportunities and threats).
11
SMALL SCALE BUSINESS MANAGEMENT
What is a small business?
This depends on criteria used but the most common criterion is number of employees.
Others include sales revenue, total value of assets, value of owner’s equity etc.
Size standard vary by industry (Construction, manufacturing, mining, transportation,
wholesale, retail trade and service)
Small and medium enterprises (SMEs) or small and medium-sized businesses (SMBs)
are businesses whose personnel numbers fall below certain limits.
The abbreviation "SME" is used in the European Union and by international
organizations such as the World Bank, the United Nations and the World Trade
Organization (WTO). Small enterprises outnumber large companies by a wide margin
and employ many more people. SMEs are responsible for driving innovation and
competition in many economic sectors. The Central Bank of Nigeria defines small and
medium enterprises in Nigeria according to asset base and number of staff employed.
The criteria are an asset base between N5 million and N500 million, and a staff
strength between 20 and 300 employees.
Examples of small-scale businesses include a flea market, shopping mall booth, a
consultancy business and computer repair shop. They typically consist of one owner
and his shop. The business owner sells products and/or services supplied by a franchise
company or created by the owner himself.
The business is generally flexible, i.e., owner can set hours to accommodate customers.
May serve a local community and generate just enough profit to take care of company
owners.
12
Characteristics of Small-Scale Business
Small-scale businesses display a distinct set of identifying characteristics that set them
apart from their larger competitors.
1. Low Startup Costs: Initial startup costs are usually pretty low, depending on the
specific business model and what products or services are being sold. A small-
scale business selling retail commodities e.g. a community pharmacy, small
scale production facility or a contract hospital pharmacy only needs funds to
buy initial inventory and pay for a rent. Small-scale businesses that offer
consultation services, such as medical product registration consultation or
nutritional services, also have very low overhead costs.
2. Portability: They are generally portable, making it easy to set up and tear down
e.g. a 30sqm retail space for community practice.
3. Revenue and Profitability: Revenue is generally lower than at larger
enterprises, but profitability may be higher. USA-Maximum revenue allowance
for small business designation is set at $21.5 million per year for service
businesses. The businesses often own their facilities and equipment outright,
which, helps to keep costs down.
4. Employees: Usually very few employees work for the business. Owners are
part of staff allowing them to keep whatever profits they make. Small-scale
businesses employ smaller teams of employees than companies that operate
on larger scales. Micro businesses are run entirely by single individuals or small
teams.
5. Market Area: Small-scale businesses serve a much smaller area than
corporations or larger private businesses. Micro businesses serve single
13
communities. By definition, growing beyond single community would increase
the scale of operations and may push it into a new classification.
6. Marketing products and services: Successful businesses deliver something of
value to those who need it. Large groups of people who need something that
can be delivered are identified. These are then narrowed down to those who
want to buy the product with the characteristics that can be produced better
than anyone else or at lower cost. That is ones target market and, as one
develops his business, he either gains market share in that market or add other
target markets that match other versions of the product. In each case, one
matches the product characteristics to the target market needs and promote
those characteristics to that market.
7. Ownership and Taxes: Small-scale businesses are organized as sole
proprietorships, partnerships or limited liability companies. These forms of
organization provide greatest degree of managerial control for company
owners and minimize hassle and expense of business registration. These
businesses may not file their own taxes; instead, company owners report
business income and expenses on their personal tax returns. If limited liability,
it must file tax returns.
8. Locations: A small-scale business, by definition, can be found only in a limited
area. It is not likely to have sales outlets in multiple states or countries, for
example. Many operate from a single office, retail store or service outlet. It is
even possible to run a small business directly out of ones home, without any
company facilities.
14
Critical success factors for a small business
Yourself
Your strengths and weaknesses determine how you operate your business.
To be successful, you have to take on a role within your company that builds on
your strengths and avoids your weaknesses.
If you are technically minded or good at design, you have to hire salespeople
and place yourself in product-related roles.
If your strength is sales and marketing, hire good designers and engineers to
help develop your business.
You can retain control of your business, but seek and act upon advice of
specialists you hire in areas in which you are weak.
Business
The organizational structure you choose for your business is critical to its
success.
The business format is simple to organize and operate.
As you develop your business, you may want to incorporate to limit your
liability and gain credibility with customers.
For markets that are mature or for those that are tightly regulated by the
government, a hierarchical structure in which you delegate authority to
managers is the most appropriate.
15
Competition
You have to consider the actions of competitors.
Focus your business development in areas where your business is strong and
competition is weak.
If you have a better design or a cost advantage, you promote the design
characteristics or the value of your product to gain market share.
If a competitor threatens a part of your business where you have a weak
position, focus on developing your stronger segments than assigning resources
to the weak business section.
Funding of SMEs
Debt financing
Equity financing through venture capital and business
Non-governmental organizations
Angels financing
Banks (almost all the banks now have facilities for SMEs)
Cooperative societies
Creditors
Family and Friends
Tips for Small-Business Success
Realize that not everyone is cut out to be a small-business owner. Take the
time to explore whether you are compatible with running your own business.
16
Some people are happier (and better off financially) on the other end of a
paycheck.
Get your personal finances in order. Before you jump into the entrepreneurial
fray, get your own money matters squared away.
Pick your niche. Take stock of your skills, interests, and employment history to
select the business best suited to you. Choosing a niche that you can be
passionate about will help improve your chances of succeeding. Remember:
many small-business owners succeed in businesses that are hardly unique or
innovative.
Benefit from your business plan. The exercise of creating your business plan
pays dividends. Answer the tough questions now, before the meter is running.
Do not think you need bankers and investors at the outset. The vast majority
of small-business start-ups are bootstrapped (self-financed). Consider your own
savings, investments, and salable assets and then talk to your friends and family
before you look to outside sources.
Know which hats you wear best. In the early months and years of your
business, you will have to acquire many skills. Gain the background you need to
oversee all the facets of your business, but also determine what tasks you
should outsource or hire employees to manage.
Remember that nothing happens until a sale is made. How many good
products go nowhere because they do not reach the shelves? Sales are what
drive your business. You need a crackerjack marketing plan that details how you
intend to package, promote, distribute, price, and sell your product or service.
Pay attention to your customers. After all, you have to see a customer to know
one. No matter how busy you are, especially in the early years of your business,
17
be sure to spend at least 25 percent of your time with customers. You cannot
make the right business decisions without understanding the customer’s
viewpoint.
Solve your customers’ problems. The best way to satisfy your customers is not
by selling them products or services but by providing solutions to their
problems. Understand the difference and market your products and services
accordingly.
Keep in mind that quality takes only moments to lose and years to regain.
Quality is not a destination but rather a never-ending journey. After you have
strayed from quality’s path, your journey may be sidetracked forever.
Put profitability first and rewards second. Beware of the small business that
treats itself to hefty salaries, high-priced consultants, and waterfalls in the
lobby. In small business, profitability must come first. To understand
profitability, you must first measure your cash flow and understand your key
financial ratios.
Hire superstars. If you intend to create a growing business, your number one
duty is to assemble a team of superstar employees in your game-breaker
positions. Game-breaker positions are key positions, such as the president/CEO
(that’s you), the financial person, the sales manager, the marketing manager,
the production manager, the office manager, the purchasing agent, the art
director, and so on, that will make or break your company.
Do not go it alone. Tap into resources, such as small-business peers, mentors,
and trade associations, that can help take some of the energy-draining trial and
error out of starting and running your business.
18
Remember that vendors are partners too. A good vendor is as important to
your business as a good customer. Treat your vendors like customers and watch
the partnerships grow.
Make use of benefits. The most valuable long-term benefit you can offer
yourself and your employees is a retirement savings plan. In addition, find out
how to provide insurance and other benefits and reduce your tax bill at the
same time.
Pay attention to all small-business-related regulatory issues. Federal, state,
and local government agencies require an array of licenses, registrations, and
permits. Obey them or face stiff penalties, including possible closure of your
business.
Know the tax laws. Invest in understanding tax issues that affect your small
business. You can avoid trouble and, at the same time, legally slice thousands of
dollars off your tax bill if you know the ins and outs of small-business tax law.
Keep your focus on the people. Whatever happens to a small business happens
at the hands of the people who work for it.
Fast, good, or cheap — pick any two. Serious trouble awaits those business
owners who attempt to be all things to the marketplace. Focus on what you do
best.
Develop a passion for learning. As your business changes and grows, you need
to change and grow along with it — particularly as you transition to manager.
The one common denominator you find in all successful business owners is a
passion for learning.
19
HUMAN RESOURCE MANAGEMENT
Introduction
• A survey report showed that the biggest challenges a business could have were:
finding competent workers and motivating them to perform.
• Cost of having bad employees include:
o Hiring and training cost can be quite huge
o Loss of customer satisfaction
o Low employee morale
Cost and risks associated with HR issues are too great to ignore
Five Hiring Mistakes Common in Small Businesses
As a business owner, you are challenged with a variety of tasks every day. Small
business owners take on multiple roles, from accounting to legal to human resources.
Regardless of whether you handle human resources yourself or delegate it to someone
else, your company is bound to make mistakes. These human resource management
mistakes can be devastating for your company in numerous ways – from litigation to
employee replacement costs. Therefore, it is imperative that you make sure your
company avoids these common, costly mistakes
1. Not Hiring the Right People for the Job. Some small business owners hire
people they know for open positions, rather than interviewing for outside,
qualified options. Perhaps you do not have the finances, so you do not do
background checks or pull references to verify what a candidate says on his or
her resume, or perhaps you just hire someone because you feel bad for them.
Regardless, hiring the wrong person is costly. Not only are they not qualified;
20
eventually you will have to replace them, which is another added human
resource management expense.
2. Not Creating Clear Job Definitions. When you create a job listing, you create a
description for that position. But most small business owners neglect creating
an accurate, clear job description. This is imperative if you want to attract the
right people for the job. Your description should include the skills, training, and
education, an ideal candidate should possess, and you should only accept
interviews with candidates that meet those basic requirements.
3. Not Addressing or Documenting Performance Issues. If you have employees
with performance issues, do not ignore them or hope that they go away on
their own. You must create a performance review with a correction plan for the
employee so that he or she knows how to improve. Also, make sure you
address any employee issues right away rather than wait. By having all of the
issues in writing, you can also back yourself up if you ever need to terminate b
that employee because of his or her performance.
4. Not Understanding Basic Employment Laws. There are many human resource
management laws that most small business owners ignore, but ignoring these
laws could be detrimental to your company. Familiarize yourself with:
Discrimination
Overtime and minimum wage requirement
Family leave
Age and gender discrimination
Disability
Gender-pay differences
Safety in the workplace
Pregnancy discrimination
21
Immigration
Never assume that employment laws do not apply to your company. Ignoring
them can cost your small business a lot of money or at least more than you
realize.
5. Misclassifying Your Employees. Do you know the difference between a
contract worker, full-time employee and part-time employee? If not, you need
to familiarize yourself with these classifications. The Nigerian labor laws have
strict guidelines, as does the Internal Revenue Service. Do not try to classify
employees as "contract workers" to save on benefits either. The duties and pay
of employees classify whether or not they are permanent employees. In
general, a person is only an independent contractor if you:
• Do not have control of their job and the work they do
• Do not have any written contracts, benefit plans or vacation time
spelled out
• Do not control the financial aspects of the worker's assignments
Steps in HRM
1. Recruitment process involves attracting competent individuals to your
company. This involves:
Conduct Job Analysis
Prepare job description
Identify job specifications
Identify sources of employees
Conduct interview and tests
22
2. Training and Development
Orientation:
The process of introduction of employees to processes of the company
Should not be left to co-workers on a casual basis
This will result in incomplete orientation
Training: A planned effort to teach employees more about their jobs so as to
improve performance.
Development: A planned effort to provide employees with knowledge, skills
and abilities for new and more challenging assignments.
It should be noted that:
Trained workforce give business competitive edge
Training increases moral and employee retention
Training takes time
Ways to Train
On-the-job training – this is learning as job is performed
- Coaching and mentoring – new employee works with an
experienced person.
- Builds a bond between employee, mentor and business.
Lecture – one or more individual communicates instruction or ideas to
others. A large number of people can be trained at a time.
Conferences/group discussion
- Employees are actively involved
- Produces more ideas than lecturing
- It takes more time
- Only limited number of participants
Programmed Learning – through use of computers and printed text
23
- Employee learns at his own pace
- Learning materials must be obtained
- Learner must be motivated to learn
Role – playing
- employees take on new roles and perform task
- Task performance is recorded and discussed
Job Rotation
- Employee moves from one job to another within company
- Ensures that employees have a variety of job skills
• On-line training (e-learning)
- Provide access to broad learning opportunities
- Can be self-directed etc.
3. Compensation
Wages and incentives including healthcare and other benefits are necessary to
keep employees alive, healthy and motivated.
Salaries – some employees are paid fixed salaries
Wages – set rate of pay for each hour or days worked
Piecework rates – employee is paid a fixed amount for each unit
produced. Premium may be paid for units above a predetermined level of
production
Commissions – a type of pay-for performance scheme
- Commonly used in sales
- Straight commission – wages based solely on sales volume
- Salary- plus-commission – better preferred by employees
24
Incentive pay programs – ties performance to compensation
Bonus – one time reward provided to an employee for exceeding a
performance standard
Profit –sharing plans – employees receive additional compensation
based on profitability of entire business
Benefits – any supplement to wages and salaries
Examples - health and life insurance, paid vacation, pension, education
plans, discount on company products, child care etc.
25
References
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management-textbook/introduction-to-management-1/principles-of-
management-17/fulfilling-the-planning-function-117-5812/
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management-textbook/introduction-to-management-1/principles-of-
management-17/defining-management-113-3961/
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management-textbook/introduction-to-management-1/principles-of-
management-17/fulfilling-the-controlling-function-115-3962/
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management-textbook/introduction-to-management-1/principles-of-
management-17/fulfilling-the-leading-function-116-3963/
26
6. Source: Boundless. “Defining Management.” Boundless Management.
Boundless, 12 Aug. 2015. Retrieved 22 Feb. 2016 from
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management-textbook/introduction-to-management-1/principles-of-
management-17/defining-management-113-3961/
7. Source: Boundless. “Fulfilling the Organizing Function.” Boundless
Management. Boundless, 21 Jul. 2015. Retrieved 22 Feb. 2016 from
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management-textbook/introduction-to-management-1/principles-of-
management-17/fulfilling-the-organizing-function-114-10713/
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management-17/fulfilling-the-controlling-function-115-3962/
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management-textbook/introduction-to-management-1/principles-of-
management-17/defining-management-113-3961/
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management-17/fulfilling-the-organizing-function-114-10713/
27
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